CBA as apposed to other lenders advice please for urgently needed loan

I was told by a top broker/ investor that CBA give loans as long as you are full time employed and can show 2 paychecks.

but other Brokers said that if someone hasnt had 2 years consecutive employment they cant get a home loan.

i was told CBA are the biggest bank for a reason that they are very competitive to make an appointment with cBa homeloan manager and as long as someone has full time employment and 2 paychecks that cba will give them a loan.

any other advice for someone who has full time employment but has only been with them for some months unsure how many and before that he was with another big bank who retrenched alot of people including him. but he only graduated a couple of yars ago so has only been working for less than 2 years and not consecutively as one big company retrenched many including him.

 

@justine77

CBA are flexible with probation, and they don't have a requirement for minimum time frame with the employer

Are you asking for yourself or someone else?

 

CBA are fine with short term history in current job.

If you can demonstrate history in the same industry over 2+ years that will likely help.

Cheers

Jamie

 

Short term employment is simple with CBA - 1 day employment/1 payslip for part time/full time employees, 3 months for casual.

 

There's quite a few lenders that are okay with short term employment as long as the previous employment was consistent. The CBA is an obvious choice but there are alternatives.

As for a competitive lender? I think there's better alternatives.

 

It sounds like someone is conflating self employed with newly employed.

Don't go straight to the bank though, just because CBA can likely do it doesn't mean they're the best option. May as well have someone (a broker) do the hard work for you and help a small business owner along the way.

 

Sorry to hijack thread, curious to know why is "full time" employment specifically stated?
If 2 PAYG employees earn the same pay, but one is full time vs another is part time, all else about these 2 applicants being equal, do banks in general see these 2 applicants any differently?

 

It's not really that either person is full time or part time, it's that they're permanent employees. Employment law gives certain rights and protections to permanent employees which contractors or casuals don't have.

There's more certainty and protection for a permanent employee. From a lending perspective, this means that the risk of those people loosing their job/income is lower. It's more likely that they'll be able to meet the loan repayments over time.

 

Ahhh, ok that makes sense